Long-Term Debt

12 Months Ended

Dec. 31, 2023


Long-Term Debt (dollars in millions):	December 31, 2023		January 1, 2023
$1.15 billion credit facility, due March 2026, weighted average variable rate of 5.46% at January 1, 2023	$	—	$	125.0



0.65% Fixed Rate Senior Notes due and paid April 2023	—		300.0
0.95% Fixed Rate Senior Notes due April 2024, callable after April 2022	450.0		450.0
Term loan due October 2024, variable rate of 6.71% at December 31, 2023 and 5.63% at January 1, 2023, swapped to a Euro fixed rate of 0.612%	150.0		150.0
1.60% Fixed Rate Senior Notes due April 2026	450.0		450.0

Term loan due May 2026, variable rate of 5.61% at January 1, 2023	—		245.0
2.25% Fixed Rate Senior Notes due April 2028	700.0		700.0
2.50% Fixed Rate Senior Notes due August 2030	485.0		485.0
2.75% Fixed Rate Senior Notes due April 2031	1,030.0		1,040.0







Other debt	1.0		2.1
Debt issuance costs	(21.1)		(26.5)
Total long-term debt	3,244.9		3,920.6
Current portion of long-term debt and other debt	(600.1)		(300.1)
Total long-term debt, net of current portion	$	2,644.8	$	3,620.5

As of December 31, 2023, no borrowings were outstanding under our $1.15 billion credit facility. Excluding interest and fees, no payments are due under the $1.15 billion unsecured credit facility (“credit facility”) until it matures in March 2026. Borrowings under our credit facility and term loan are at variable rates which are, at our option, tied to a base rate, Eurocurrency rate or equivalent as defined in our credit agreements. Available borrowing capacity under the credit facility, which is reduced by borrowings and certain outstanding letters of credit, was $1,129.1 million at December 31, 2023. The credit agreement and term loans require the Company to comply with various financial and operating covenants and at December 31, 2023, the Company was in compliance with these covenants. At December 31, 2023, Teledyne had $41.9 million in outstanding letters of credit.

During 2023, the Company repaid $125.0 million of amounts outstanding on its credit facility, the $300.0 million Fixed Rate Senior Notes due April 2023, and the remaining $245.0 million on its term loan due May 2026. The Company also repurchased and retired $10.0 million of its Fixed Rate Senior Notes due April 2031, recording a $1.6 million non-cash gain on the extinguishment of this debt.

During 2022, the Company repaid $185.0 million of debt. The Company made $110.0 million of floating rate debt payments on its term loan due May 2026. The Company also repurchased and retired $75.0 million of its Fixed Rate Senior Notes due August 2030 and April 2031, recording a $10.6 million non-cash gain on the extinguishment of this debt.

Maturities of long-term debt as of December 31, 2023 (in millions):


Fiscal year
2024	$	600.1
2025	0.2
2026	450.2
2027	0.2
2028	700.1
Thereafter	1,515.2
Total principal payments	3,266.0
Debt issuance costs	(21.1)
Total debt	$	3,244.9

The Company has no sinking fund requirements.

Total net interest expense, including credit facility fees and other bank charges, was $77.3 million in 2023, $89.3 million in 2022 and $104.8 million in 2021. Cash payments for interest and credit facility fees and other bank charges totaled $87.9 million, $79.3 million and $117.2 million for 2023, 2022 and 2021, respectively. The 2021 amount included $30.5 million paid for bond financing and debt extinguishment costs.